Time Out ditches plans for London Waterloo market due to pandemic
Time Out today said it has abandoned its plans to build a food market at London Waterloo due to the impact of the Covid-19 pandemic.
The media and hospitality group had been planning to open a new market under the former Eurostar platforms at the central London train station.
The project was originally scheduled to open this year, but had been pushed back to 2022 due to Covid-related delays.
But Time Out today said it has informed London & Continental Railways (LCR), which owns the property, that it no longer intends to proceed with the project due to the pandemic.
In a stock market update this morning the company said the decision did not alter its need to raise additional cash as a result of repeated periods of closure during lockdowns.
Time Out said it is reviewing a potential equity raise to help ensure it has “financial and operational flexibility”.
It comes after the group last year raised £47m through a share placing and redeemed £24m of loan notes in an effort to shore up its balance sheet.
The decision marks a shock U-turn for the company, which had been bullish about its prospects following the easing of lockdown restrictions.
Chief executive Julio Bruno last month told City A.M. he expected a “renaissance of culture and going out” after the pandemic.
Earlier today Time Out announced its new market in Dubai will open on 7 April, while it recently secured a deal for a new venue in Abu Dhabi, which is due to open in 2023.
The move will come as a blow to London’s hopes of a speedy recovery after repeated lockdowns wreaked havoc across the retail and hospitality sectors.
Mark Cruddas, head of retail at LCR, said: “We are disappointed to lose Time Out Market from Waterloo London but understand its need to withdraw. We are in negotiations with replacement operators to take its place as we press ahead with the development and sign up more exciting retail and leisure operators.”
Time Out has also been weighing up plans for a new market in Spitalfields, though it is yet to secure the necessary planning permissions.